FxWirePro: ETH/USD trades lower, eyes trend line support at 268

(Refer ETH/USD chart on Trading View)

ETH/USD is trading lower on Thursday as it broke below 5-DMA.

The pair is trading at 279 levels at the time of writing (Coinbase).

On the upside, the pair is likely to face resistance at 284 (2h 200-SMA) and a break above would target 304 (21-EMA)/ 322 (August 18 high)/340 (4h 200-SMA).

On the downside, the pair is hovering around 277 (61.8% retracement of 250 and 322) and any violation would drag it to 268 (trend line joining 250.58 and 259.11)/250 (August 14 low)/230/200.

Bias appears bearish on the daily chart with RSI weak at 36 and stochs biased lower and the price action below major moving averages.

The pair is now eyeing next key trend line support at 268 and a break below is likely to see a dip till 250.